Question 15

Lansing's pretax income this year was $524,000. What was the total taxes paid for Lansing, Inc.? Use the corporate tax rate schedule below.

Taxable income		Tax Owed
More than	But Not More Than
$0	$50,000	15% of amount beyond $0
$50,000	$75,000	$7,500 + 25% of amount beyond $50,000
$75,000	$100,000	$13,750 + 34% of amount beyond $75,000
$100,000	$335,000	$22,250 + 39% of amount beyond $100,000
$335,000	$10,000,000	$113,900 + 34% of amount beyond $335,000
$10,000,000	$15,000,000	$3,400,000 + 35% of amount beyond $10,000,000
$15,000,000	$18,333,333	$5,150,000 + 38% of amount beyond $15,000,000
$18,333,333	---------------	35% on all income

A)	$178,160
B)	$165,800
C)	$134,300
D)	$137,400